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Dan Dayle started a business by issuing an $ 9 7 , 0 0 0 face value note to First State Bank on January 1
Dan Dayle started a business by issuing an $ face value note to First State Bank on January Year The note had a percent annual rate of interest and a fiveyear term. Payments of $ are to be made each December for five years. Required: a What portion of the December Year payment is applied to interest expense and principal? b What is the principal balance on January Year c What portion of the December Year payment is applied to interest expense and principal? Note: Round your answers to the nearest dollar amount. a Interest expense a Principal b Principal balance c Interest expense c Principal
Dan Dayle started a business by issuing an $ face value note to First State Bank on January Year The note had a
percent annual rate of interest and a fiveyear term. Payments of $ are to be made each December for five years.
Required:
a What portion of the December Year payment is applied to interest expense and principal?
b What is the principal balance on January Year
c What portion of the December Year payment is applied to interest expense and principal?
Note: Round your answers to the nearest dollar amount.
a Interest expense
a Principal
b Principal balance
c Interest expense
c Principal
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